HC Deb 05 July 1995 vol 263 c445

Amendments made: No. 43, in page 22, line 39, leave out 'they have delegated any discretion' and insert 'any discretion has been delegated'.

No. 44, in page 23, line 15, leave out 'fund manager' and insert 'the fund manager to whom any discretion has been delegated under section 34'.

No. 45, in page 23, line 19, leave out paragraph (a) and insert — '(a) where giving the advice constitutes carrying on investment business in the United Kingdom (within the meaning of the Financial Services Act 1986), advice—

  1. (i) given by a person authorised under Chapter III of Part I of that Act,
  2. (ii) given by a person exempted under Chapter IV of that Part who, in giving the advice, is acting in the course of the business in respect of which he is exempt,
  3. (iii) given by a person where, by virtue of paragraph 27 of Schedule 1 to that Act, paragraph 15 of that Schedule does not apply to giving the advice, or
  4. (iv) given by a person who, by virtue of regulation 5 of the Banking Coordination (Second Council Directive) Regulations 1992, may give the advice though not authorised as mentioned in sub-paragraph (i) above'.—[Mr. Hague.]

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